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Monero Has Been On A Bullish Run But Will The Momentum Hold?

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Monero Has Been On A Bullish Run But Will The Momentum Hold?

The Monero price has rallied over the past week since the broader market recovered. Over the last 24 hours, XMR was consolidating despite its weekly gains. The coin traded laterally over the past few sessions before it started to dip on its chart.

As momentum halted recently, it is still uncertain whether XMR will resume its upward price movement. The technical outlook of the coin continued to side with the bulls despite lateral trading.

Accumulation remains high on the chart despite a downtick in demand over the last trading sessions. Monero also displayed overbuying tendencies, and the recent fall in the asset’s value could be tied to a price correction.

The altcoin can prevent considerable loss if Monero stays above its immediate support line. The market capitalization of Monero declined slightly, meaning that the coin encountered selling in the past trading sessions. At the current price, the coin was trading at 70% low than its all-time high secured in 2021.

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Monero Price Analysis: One-Day Chart

Monero was priced at $166 on the one-day chart | Source: XMRUSD on TradingView

XMR was trading at $166 at press time. Over the last week, the coin secured gains and pierced through various resistance lines. The coin crossed the $157 resistance line and flipped it into a support zone for itself.

Monero was trading on an ascending trendline (white), typically characterized by a breakout, either on the upside or the downside. Over the last 24 hours, XMR diverted from the trendline and fell on its chart.

This could imply that the coin will depreciate and rest at $163, then drop to $157 before rising again. For Monero, there was stiff resistance at $169, which is why the coin could not move past it.

The resistance above the line has not been breached since July last year. The amount of Monero traded in the previous session was red, indicating that the coin experienced some selling.

Technical Analysis

Monero was still overvalued on the one-day chart | Source: XMRUSD on TradingView

Although XMR noted a slight downtick in demand, sellers were minimal compared to buyers. The Relative Strength Index (RSI) was still above the 70 mark. This indicated that the asset was overbought, which means that a price correction for Monero was on its way.

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Depicting bullishness, XMR was above the 20-Simple Moving Average line (SMA), indicating that buyers were driving the price momentum in the market. XMR also rested above the 50-SMA (yellow) and 200-SMA (green) lines.

Monero displayed buy signals on the one-day chart | Source: XMRUSD on TradingView

Per the increase in accumulation, the technical outlook depicts buy signals. The Moving Average Convergence Divergence (MACD) reads the price momentum and trend reversals. MACD formed green signal bars, but the last bar declined in height. This ideally means that the price is expected to fall.

The Chaikin Money Flow indicates capital inflows and outflows; the indicator was above the half-line, reflecting increased institutional interest. Monero has been on the list of well-performing assets as the broader industry continues its recovery. Still, the chance of a price correction remains on the charts.

Featured Image From Unsplash, Charts From TradingView.com

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ada

Biggest Movers: ADA Climbs To 11-Week High, As Crypto Markets React To US GDP Data

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Biggest Movers: ADA Climbs To 11-Week High, As Crypto Markets React To US GDP Data

Cardano raced to an 11-week high on Thursday, as markets reacted to data showing that gross domestic product in the U.S. rose by 2.9%. The token rose by as much as 5% earlier in the day, climbing to its strongest point since November. Monero was also in the green, nearing a key resistance level in the process.

Cardano (ADA)

Cardano (ADA) rebounded on Thursday, with prices moving to an eleven-week high in the process.

Following a low of $0.3537 on Wednesday, ADA/USD rose to an intraday high of $0.3866 earlier today.

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As a result of this, cardano rose to its strongest point since November 8, which is the last time prices were above $0.4100.

ADA/USD – Daily Chart

Looking at the chart, ADA has moved lower from earlier gains, as traders appear to have taken profits near a ceiling of $0.3875.

As of writing, the token is trading at $0.3774, with the 14-day relative strength index (RSI) near a resistance of its own at 74.00.

The index, which is currently tracking at 69.22, will likely need to move past the 74.00 point in order for ADA jump over the $0.3875 hurdle.

Monero (XMR)

In addition to ADA, monero (XMR) also surged earlier in the day, as it edged closer to a key resistance level.

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XMR/USD moved to a peak of $178.15 earlier in the day, which comes less than a day after falling to a low of $169.84.

Today’s surge sent monero closer to its long-term resistance level at $180.00, which was last broken on Sunday.

XMR/USD – Daily Chart

As can be seen from the chart, the relative strength index (RSI) is currently hovering below a ceiling of its own at 65.00, with a current reading of 63.25.

In order for bulls to take XMR back above the $180.00 level, price strength will first need to surpass the 65.00 mark.

Register your email here to get weekly price analysis updates sent to your inbox:

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Do you expect monero to rise above $180.00 this week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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altcoin

Monero: With a wobbling hashrate, what does the future hold for XMR

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Monero: With a wobbling hashrate, what does the future hold for XMR

  • Monero’s hashrate faltered drastically in a matter of hours until press time.
  • XMR was overbought, but the ADX trend could keep it in the green direction.

Information from 2Miners.com revealed that the hashrate of Monero [XMR] had faltered at the time of writing. The hashrate measures the security and health of a blockchain network. So, Monero’s floundering hashrate signaled a threat to the security of the private blockchain. 

Source: 2Miners


How many are 1,10,100 XMRs worth today?


At press time, the hashrate was 98.47 MegaHash per second (MH/s). However, a few hours prior, the computational power was as high as 127.6 MH/s. 

Nevertheless, miners of the cryptocurrency were lucky enough to find new blocks. According to the crypto mining pool, about 12405 blocks have been found in the last 24 hours, with miners being rewarded $3,200.

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About time to diverge the trend?

With the current trend and Monero’s inability to immediately revive, XMR could also be at risk. However, the currency, which relies on the Proof-of-Work (PoW) algorithm, was one of the biggest movers of the last few days. Needless to say, XMR was unable to sustain the momentum since it refused a 1.66% uptick and declining trading volume in the last 24 hours.

On the daily chart, XMR continually increased its support level to $165.32. But it might not progress in that regard due to the momentum displayed by the Relative Strength Index (RSI). 

At the time of writing, the RSI was 70.26. In fact, it surged to 80.84 as of the previous before its slight fall. Yet, the current position linked XMR to an overbought region. So, there is a possibility of a bearish momentum reversal.

Source: TradingView

The chart above also pointed to its Directional Movement Index (DMI), which showed that buyers were still in control of the XMR market. This was inferred from the condition of the positive DMI (green) at 32.77.

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In contrast, the negative DMI was less than 10. Additionally, the +DMI found favor with the Average Directional Index (ADX) trend. With the ADX (yellow) at 45.96, XMR had potential to improve on its price performance.


Is your portfolio green? Check out the Monero Profit Calculator


On-chain, here’s where XMR’s outlook is

Per Santiment‘s on-chain data, XMR was at the peak of its development activity. The development activity describes a project’s commitment to upgrading its network. So, even though Monero was not necessarily in the spotlight, the surge indicated that it was working behind closed doors to keep the blockchain relevant.

As for its social dominance, XMR was down to 0.163%. This implied that discussions around the private cryptocurrency in the sector’s communities were nowhere near the zenith.

Source: Santiment

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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Analysis

Biggest Movers: XMR, DOT Move Higher, Rebounding From Recent Declines

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Biggest Movers: XMR, DOT Move Higher, Rebounding From Recent Declines

Monero rebounded from recent losses on Tuesday, as the token attempted to recapture recent highs. The move comes as U.S. markets reopened following a public holiday on Monday. Polkadot also moved higher in today’s session, snapping a two-day losing streak.

Monero (XMR)

Monero (XMR) rebounded on Tuesday, as the token moved back towards a recent seven-month high.

Following a low of $165.77, XMR/USD raced to an intraday peak of $173.28 earlier in today’s session.

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Today’s move saw monero bounce from its support at $165.00, and climb towards a resistance of $175.00.

XMR/USD – Daily Chart

As of writing, the token remains below this ceiling, currently trading at the $172.65 level.

Should this hurdle be overcome, XMR bulls will likely attempt to recapture last week’s peak of $187.20.

In order for this to happen, the relative strength index (RSI), which is currently tracking at 68.71, will need to move back towards the 80.00 mark.

Polkadot (DOT)

Polkadot (DOT) snapped a two-day losing streak on Tuesday, with prices nearing a two-month high.

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DOT/USD hit a high of $6.07 earlier in today’s session, which comes less than 24 hours after trading at a low of $5.66.

As a result of Tuesday’s surge, DOT moved to a ceiling at $6.10, and closer to Saturday’s high of $6.51.

DOT/USD – Daily Chart

Looking at the chart, the rebound came as the 14-day RSI also bounced from its own support point at 72.45.

Currently, the index is tracking at 74.88, with a ceiling at the 82.00 mark a possible target for buyers.

As of writing, DOT has given up earlier gains, and is trading at $5.97.

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Tags in this story

Will polkadot climb above $6.51 this week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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